A third of South Africans are not yet ready to ditch cash
see physical money remaining key to their business as almost a third of their customers aren’t ready to go cashless, according to a survey.
While 86% of people already use digital banking, almost all customers said they still withdraw cash at least once a month to meet various needs, according to the survey conducted by Discovery Bank and Boston Consulting Group. As long as a significant percentage of the population uses cash, the country can’t move to a fully cashless system, according to the report.
“South Africa still has a high reliance on cash relative to some other countries,” Hylton Kallner, CEO of Discovery Bank, said in Johannesburg. “But the direction, and the acceptance by consumers and embrace of digital payments, and the fact that they see the future in that direction, is accelerating.”While digital transactions are affordable and secure in countries such as Kenya, the cost of online banking is expensive in South Africa.
The Reserve Bank is also expected to begin its Rapid Payments Programme this year that will offer a real-time clearing system for instant payments between banks, and allow users to request payments digitally. —
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